Central Bank Names Bitcoin the Most Loss-Making Asset in November When Invested in Rubles
The Central Bank of Russia, in its latest "Financial Market Risks Review," identified Bitcoin as the worst-performing asset in November for ruble-denominated investments. The regulator included Bitcoin in its comparative table of asset returns, as it has done routinely. The list includes instruments from the Russian market, as well as gold, US government bonds, and other assets.
In contrast to previous months, Russian stocks demonstrated the highest total returns in November. Although Bitcoin reached a new all-time high exceeding $126,000 on October 6th, this peak was not achieved against several currencies, including the euro, Swiss franc, and the Russian ruble. Against the ruble, the price remained below its December 2024 peak.
According to the regulator's calculations, Bitcoin showed the worst returns in ruble terms for November (-19.9%), since the start of 2025 (-25.7%), and over the past 12 months (-31.9%). Notably, in reports prior to and including September 2025, Bitcoin was consistently among the top performers. However, since the beginning of 2022, Bitcoin remains the second-best performing asset after gold, having gained over 100% and significantly outperforming other assets.
The report also provided data on Russian crypto investment activity. The volume of open positions held by individuals in cryptocurrency futures on the Moscow Exchange reached 3.5 billion rubles by the end of November. The majority of investors hold small positions, but the largest share of the volume comes from major participants. Additionally, thousands of investors have allocated funds to crypto CFAs and copy-trading strategies linked to crypto assets. Over 500 people participate in OTC crypto derivatives. The report also noted an 18% decline in the volume of transactions by Russians on foreign crypto exchanges in Q2 and Q3 2025 compared to the previous two quarters, alongside a decrease in estimated ruble balances on crypto exchanges and traffic to crypto platforms from Russia.
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